What organization is responsible for establishing valuation standards in appraisals?

The Appraisal Foundation is the organization that plays a key role in establishing valuation standards within the appraisal profession. It was created to help promote professionalism and the public interest by setting high standards for appraisers and the appraisal process. This foundation develops and maintains the Uniform Standards of Professional Appraisal Practice (USPAP), which serves as a national standard for the conduct of appraisals and outlines the ethical and performance obligations for appraisers.

By setting these standards, The Appraisal Foundation ensures that appraisals are conducted consistently and with integrity, ultimately enhancing the credibility of the profession. Its influence also extends to the development of policies and guidelines that inform both practitioners and regulatory bodies about best practices in the field of appraisal.

While other organizations, like the National Association of Realtors, focus on real estate practices and advocacy, and others might engage in educational efforts, The Appraisal Foundation specifically addresses the standards and ethical benchmarks for appraisal work, making it the authoritative source for valuation standards in appraisals.